Intangibles

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The gross carrying amount and accumulated amortization of the Company’s identified intangible lease assets consisted of the following:


		June 30, 2026						December 31, 2025
	Weighted Average Life (Years)	Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net		Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net
Intangible lease assets
In-place lease intangibles	13.5	$	158,677	$	(30,662)	$	128,015	$	154,558	$	(24,173)	$	130,385
Other lease intangibles (1)	13.7	138,371		(17,712)		120,659		125,195		(12,588)		112,607
Total intangible lease assets	13.6	$	297,048	$	(48,374)	$	248,674	$	279,753	$	(36,761)	$	242,992

(1) Includes aggregate tenant lease inducements and tenant allowances totaling $62,292 and $66,635 as of June 30, 2026 and December 31, 2025, respectively.

Amortization expense related to the intangible lease assets for the three months ended June 30, 2026 was $5,814, of which $4,682 and $1,132 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. Amortization expense related to the intangible lease assets for the six months ended June 30, 2026 was $11,808, of which $9,474 and $2,334 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. The amount included in rental revenue is related to above-market leases and tenant inducements and is a reduction to revenue.

Amortization expense related to the intangible lease assets for the three months ended June 30, 2025 was $3,561, of which $2,797 and $764 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations. Amortization expense related to the intangible lease assets for the six months ended June 30, 2025 was $7,072, of which $5,557 and $1,515 is included in Depreciation and amortization and Rental revenue, respectively, within the Condensed Consolidated Statements of Operations.

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2026 is as follows:


	In-Place Tenant Lease Intangible Assets		Other Lease Intangibles
2026 (remaining)	$	6,542	$	5,265
2027	13,084		11,107
2028	13,084		11,107
2029	13,084		11,107
2030	13,083		11,103
2031	13,084		11,107
Thereafter	56,054		59,863
Total	$	128,015	$	120,659

As of June 30, 2026 and December 31, 2025, the gross carrying amount of the Company’s below-market lease intangibles was $6,269 and $6,148, with accumulated amortization of $1,086 and $877, respectively. The below-market lease intangibles, net of accumulated amortization, are included in Other liabilities within our Condensed Consolidated Balance Sheets.